UK Government borrowing hits £138.4bn, less than half of amount last year
Government borrowing stood at £13.1bn in February, down by £2.4bn from the same month a year earlier, according to official figures.
The Office for National Statistics (ONS) said that despite the fall, this was the second highest February borrowing since monthly records began in 1993 and was still £12.8bn more than in February 2020, before the pandemic struck.
In the financial year so far, borrowing reached £138.4bn, which was less than half of the £290.9bn borrowed in the same period last year.
The data also showed that interest payments on the Government’s borrowing soared to a record £8.2bn last month, up 52.7% on a year earlier, due to soaring levels of the RPI measure of inflation used on Government debt payments.
Chancellor Rishi Sunak said: “The ongoing uncertainty caused by global shocks means it’s more important than ever to take a responsible approach to the public finances.
“With inflation and interest rates still on the rise, it’s crucial that we don’t allow debt to spiral and burden future generations with further debt.”